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Europe's largest independent telecom tower operator, leasing mobile network infrastructure (towers, rooftops) to multiple carriers.
Europe's largest independent telecom tower operator, leasing mobile network infrastructure (towers, rooftops) to multiple carriers.
Buys towers from mobile carriers and leases them back under long contracts, often linked to inflation, and earns more as extra carriers rent space on the same tower. It grew very fast through purchases of tower portfolios from Telefonica, Deutsche Telekom, Orange and others, and has since shifted from buying to digesting.
In one line: A European American Tower / Crown Castle.
Moat: narrow (installed base, switching costs, scale). Sites are hard to replicate (permitting/zoning) and carriers sign long-term leases across multiple tenants.
Headquarters: Madrid, Spain · Founded: 2015 · Employees: 2,511
Size Cellnex Telecom (CLNX.MC) is a Spain Industrials company (Engineering & Construction) with a market value of $19.6B, the 14th largest of 97 Spain companies the cockpit tracks. Shares closed at €26.68 on 6 Nov 2026.
Performance Over six months the shares fell 7.2%, against -18.1% for the median peer and +8.2% for the Spain market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 0.1% over the last twelve months (peer median +4.6%); the operating margin is 13.3% (peer median 5.1%).
Valuation It trades at 8.3× enterprise value to sales against a peer median of 1.0× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 30% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.5 points below its cost of capital (6.9% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €4.69B | €4.42B | €4.35B | €4.05B | €3.50B |
| Revenue growth | — | +1% | +8% | +16% | — |
| Gross profit | €623M | €586M | €592M | €362M | €321M |
| EBITDA | €3.36B | €3.30B | €3.20B | €2.96B | €2.56B |
| Net income | -€343M | -€361M | -€28.0M | -€297M | -€297M |
| Free cash flow | n/a | €526M | €276M | -€126M | -€739M |
| Capital expenditure | n/a | €1.76B | €2.03B | €2.19B | €2.57B |
| Total debt | €22.2B | €21.9B | €21.4B | €21.5B | €20.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Cellnex Telecom CLNX.MC | $19.6B | -7% | 0% | 13% | 8.3× | 29.7% |
| American Tower AMT | $87.6B | +8% | +5% | 44% | n/a | n/a |
| Crown Castle CCI | $37.7B | -1% | -16% | 48% | n/a | n/a |
| Infrastrutture Wireless Italiane INW.MI | $7.39B | +1% | +1% | 53% | 11.2× | 8.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CLNX.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +18.2% | +2.4% | 2nd highest of 21 |
| 6-month return | -7.2% | -18.1% | 5th highest of 21 |
| Distance from 52-week high | -18.4% | -31.6% | 5th highest of 21 |
| Revenue growth (TTM) | +0.1% | +4.6% | 9th lowest of 21 |
| Operating margin | 13.3% | 5.1% | 3rd highest of 20 |
| EV / Sales | 8.3× | 1.0× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 29.7% | 4.3% | most demanding of 15 |
| Growth delivered (Del g) | +22.5% | +10.6% | 2nd highest of 15 |
| Hurdle (Req g minus delivered) | +7.3 pp | -8.0 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | -5.5 pp | +0.1 pp | lowest of 20 |
| EV / EBITDA | 11.6× | 11.9× | 6th cheapest of 13 |
| Net debt / EBITDA | 6.1× | 2.5× | 3rd most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cellnex Telecom CLNX.MC | Spain | $19.6B | -7% | 0% | 13% | 8.3× | 29.7% | +22.5% |
| Bouygues EN.PA | France | $18.3B | -18% | -1% | 5% | 0.5× | -0.8% | +10.4% |
| APi APG | United States | $17.5B | -7% | +16% | 7% | 2.4× | 27.8% | +17.1% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 1.7× | 0.0% | +15.7% |
| Geberit GEBN.SW | Switzerland | $22.1B | +14% | +3% | 29% | 6.0× | 6.6% | +1.2% |
| China Railway 601390.SS | China | $15.1B | -13% | -7% | 4% | 0.8× | n/a | n/a |
| ACS, Actividades de Construccion y Servicios ACS.MC | Spain | $26.0B | -37% | +10% | 3% | 0.5× | -2.6% | +11.2% |
| Emcor EME | United States | $26.6B | -34% | +22% | 10% | 1.3× | 6.2% | +14.1% |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 1.1× | 21.6% | +17.7% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 1.1× | n/a | n/a |
| China State Construction Engineering 601668.SS | China | $28.3B | -4% | -9% | n/a | 0.1× | n/a | n/a |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 1.1× | 8.2% | +25.6% |
| China Communications Construction 601800.SS | China | $12.8B | -12% | -4% | 3% | 1.3× | n/a | n/a |
| Otis Worldwide OTIS | United States | $30.1B | +6% | +6% | 15% | 2.5× | 2.3% | +2.5% |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 0.8× | -1.9% | +10.0% |
| HOCHTIEF Aktiengesellschaft HOT.DE | Germany | $30.9B | -31% | +8% | 4% | 0.7× | 2.6% | +10.7% |
| Samsung C&t 028260.KS | South Korea | $31.3B | -8% | +14% | 8% | 0.9× | 5.9% | +6.2% |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 0.7× | 8.3% | +2.0% |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 0.8× | -6.9% | +9.4% |
| Power Construction Corporation of China 601669.SS | China | $11.5B | -20% | -2% | 4% | 1.1× | n/a | n/a |
| China Railway Construction 1186.HK | Hong Kong | $11.4B | -22% | -5% | 4% | 1.0× | n/a | n/a |